This is the latest entry in our On the House spotlight series.
TSAHC periodically spotlights affordable housing developments across the state to help readers understand what they look like, how they are financed, and who lives there. This week we are focusing our spotlight on the Ventura at Tradewinds Apartments, a development financed by TSAHC’s Multifamily Private Activity Bond Program.
VENTURA AT TRADEWINDS APARTMENTS
Located in Midland, TX, the Ventura at Tradewinds Apartments is a 204-unit multifamily rental development developed by Dominium, Inc. and the Texas Housing Foundation.
TSAHC issued $26.7 million in tax-exempt bonds to finance the construction of the project, which was completed in 2021. Remaining development costs were covered by tax credits, deferred development fees, and cash, covering the total cost of the $42.6 million project.
The construction of this development comes at a opportune time for the Midland area, where the continuous growth in the oil, gas, and wind energy industries have brought a rapid increase in the area’s population and cost of living.
Because the production of homes and apartment buildings hasn’t kept up with the surge in population, the area’s economic boom has also led to an above-average housing cost for Midland residents.
According to the U.S. Census Bureau, Midland County’s median monthly rental costs are approximately $1,448, much higher than the state’s $1,091 median monthly rental cost.
The Ventura at Tradewinds Apartments is a direct response to the need for high-quality, affordable housing in an increasingly expensive Midland. Serving families earning up to 60% of the area median income, the Ventura at Tradewinds offers 1, 2, and 3 bedroom apartment homes with rental prices ranging from $1,033 to $1,419 a month.
Amenities at the Ventura include a clubroom, playroom, yoga center, grilling pavilions, dog park, business center, fitness center, outdoor lounge, and a playground.
In addition to partnering with us through our development finance programs, Dominium, Inc. has also generously supported the 2021 Texas Supportive Housing Institute. This initiative provides nonprofit developers with the information, resources, and tools they need to create successful permanent supportive housing (PSH) projects in their communities.
With their contribution, Dominium is supporting programs that help vulnerable Texas residents lead healthier and more stable lives.
CONTINUING OUR COMMITMENT TO MIDLAND
Our activity in Midland extends beyond Ventura at Tradewinds as we've also supported two additional developments in Midland through our Private Activity Bond program -- the Palladium Midland Apartments and the Ventura at Fairgrounds Apartments.
Both properties are being developed in part by the Texas Housing Foundation, which has joined forces with Palladium USA for the Palladium Midland Apartments and with Dominium, Inc. for the Ventura at Fairgrounds Apartments. Combined, these two communities provide an additional 482 units to Midland households earning up to 60% of the area median family income.
On the House blog posts are meant to provide general information on various housing-related issues, research and programs. We are not liable for any errors or inaccuracies in the information provided by blog sources. Furthermore, this blog is not legal advice and should not be used as a substitute for legal advice from a licensed professional attorney.